Dare and BBH share £10m in Cossette deal
By Kunal Dutta, campaignlive.co.uk, Friday, 06 July 2007 12:00AM
Dare has confirmed it has sold a 65.4 per cent share of the agency to Cossette Communications for an upfront payment of £10 million, as revealed in Campaign (15 June).
Claude Lessard, the Cossette chairman, told Campaign that he now plans to pull the group's four UK companies - Miles Calcraft Briginshaw Duffy, Dare, Elvis and Band & Brown - closer together and elect a UK president to oversee the group within the next two years.
The Dare deal could see the Canadian marketing services group pay in excess of £30 million for the digital agency over five years.
In 2010, Cossette has the option to increase its ownership to 82.7 per cent for a sum to be determined by the agency's profit growth, with the remaining shares to be acquired in 2012.
"I can see multi-discliplined teams working across the group companies, all of which could be in the same office building in the next two or three years," Lessard said.
The initial £10 million acquisition includes Bartle Bogle Hegarty's 30 per cent share in the agency. Dare shares Barclays and Vodafone with BBH. These relationships will not be affected.
The remainder of the £10 million payment will be shared by Dare's management team, which remains in place.
This article was first published on campaignlive.co.uk
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